New York Law

NO, ITíS NOT AN UPCOMING TV CRIME DRAMA

 

1.Which of the following can do an act of brokerage without a license?

 

a.†† A salesperson selling a house to her parents.

b.†† The manager of an apartment complex who lives in a first floor apartment in the community and handles all the rentals for the owner of those apartments.

c.†† A lawyer with two salespeople working for him.

d.†† None of the above.

 

 

 

 

 

 

 

 

CORRECT!

 

2.If a broker loses his or her license, the salespeople at that brokerage:

 

a.†† Must immediately stop listing and selling real estate.

b.†† May transfer to a different company.

c.†† Would not be able to work in real estate until the brokerís suspension is over.

d.†† Both a and b.

e.†† Get all of the brokerís stuff.

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

3.When can a broker accept a commission from both the buyer and seller in the same transaction?

 

a.†† Always.

b.†† When there is a dual agency.

c.†† With full written disclosure and written permission from both the buyer and seller.

d.†† Never.

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

4.Under New Yorkís Truth-in-Heating Law:

 

a.†† The sellers are required to give a verbal disclosure of the heating costs to a buyer.

b.†† The sellers may be required to furnish heating and cooling bills from the past two years to any prospective buyer.

c.†† The sellers may be required to install insulation if the current levels are insufficient.

d.†† The sellers are required to write heating and cooling costs into any residential sales contract.

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

5.†† Maria is an unlicensed assistant for a busy salesperson at a small real estate firm in New York City.Maria may do all of the following except:

 

a.†† Type a contract under the direction of a licensed agent.

b.†† Write ads and place them in newspapers after they have been approved by the broker.

c.†† Sit an open house on behalf of the agent.

d.†† Look up information to be used in a comparative market analysis.

 

 

 

 

 

 

 

 

 

CORRECT!

 

6.†† A seller listed their home on February 1, 2001 with Allsfair Realty, under a six-month, Exclusive Right-to-Sell listing contract that automatically extends for another 6 months if the house doesnít sell.Which of the following is true?

 

a.†† If a sales contract on the listing is ratified on September 1, 2001, with settlement to take place on October 29, 2001, the seller will owe the broker a commission.

b.†† If a sales contract on the listing is ratified on January 3, 2002, with settlement to take place on February 27, 2002, the seller will owe the broker a commission.

c.†† Both a and b.

d.†† This is an illegal contract.

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

7.†† Once you pass the state licensing exam:

 

a.†† You must have a sponsoring broker before you can get a license.

b.†† You can start selling immediately.

c.†† You would get your license first, and then find a company to work with.

d.†† You never have to visit this website again.

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

8.A salespersonís license must:

 

a.†† Be held by the broker and displayed if the broker wants to display them.

b.†† Carried by the salesperson at all times.

c.†† Be displayed in the salespersonís home or business office.

d.†† Be approved by the local board.

e.†† Hung from the salespersonís rear-view mirror while he is driving buyers around to look at houses.

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

Find an additional short quiz at RealtyComplete.com

 

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